Gold price and Brent crude oil price moves expected to reverse
Gold and Brent crude both look set for a short-term reversal, with recent moves seemingly just retracements.
Gold rebound could come under pressure once again
Gold has been on the rise over the past few days, with the precious metal pushing towards the notable $1498 level of resistance.
However, we are seeing some signs that this could start to come undone, with the wider trend of lower highs potentially coming back into play once more. Looking at this morning’s price action, we have failed to push onwards towards $1498, instead falling back to raise the likeliness of another leg lower. The $1485 level is key here, with a break below that level signalling the likely beginning of a new bearish phase. As such, watch for a break above $1498, or below $1485 as a guide of where we go from here.
Brent pulls back into Fibonacci and trendline support
Brent crude lost ground over the course of Friday, with the price declining into a confluence of trendline and Fibonacci support.
That 76.4% retracement level looks likely to be key here, as we attempt to continue rallying out of a wider downturn that respected another 76.4% level at $58.02. With that in mind, a bullish outlook is in play here, with a break below $58.53 required to bring about a more bearish view.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
